INSUBCONTINENT EXCLUSIVE:
slashed on Thursday, November 4, across the country after the government reduced excise duty to bring down retail rates from record highs
The Centre's decision came on the eve of Diwali.In the national capital, petrol rates fell Rs 6.07 to 103.97, while diesel rates declined
Rs 11.75 to Rs 86.67, according to Indian Oil Corporation
Petrol and diesel prices on Wednesday had touched an all-time high of Rs 110.04 and Rs 98.42 per litre respectively in Delhi after seven
straight hikes.The step to cut excise duty on fuel prices will cost the government Rs 1.4 lakh crore annually.Also Read: Petrol, Diesel
Among the four metro cities, fuel rates are the highest in Mumbai, according to the state-run oil refiner
Fuel rates vary across the states due to value-added tax or VAT.Here Are The Petrol And Diesel Prices Across Metro Cities:State-run oil
refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the
crude oil prices in the international markets, and the rupee-dollar exchange rates
Any changes in petrol and diesel prices are implemented with effect from 6 am every day.Globally, oil prices extended declines, pushing
United States futures below $80 a barrel, after Iran and world powers agreed to resume nuclear talks this month that could lead to the
removal of United States sanctions on Iranian oil, increasing global supplies
United States West Texas Intermediate crude slid for a third day to $79.94 a barrel, down 92 cents, or 1.1 per cent
Brent crude futures for January fell for a second session to $81.19 a barrel, down 80 cents, or 1 per cent.
